News

February 2012

Hempstead Defies Recession With $400 Million In New Business

Despite
the economic recession which gripped the United States in 2011, Town of
Hempstead agencies spurred the development of nearly $400,000,000 in new business
projects.

Town
Supervisor Kate Murray cited the efforts of the town's Industrial Development
Agency (IDA) and its Local Development Corporation (LDC) in providing the key
incentives that led to the phenomenal business growth. "More than 1,000 jobs
were created or retained as a result of 16 building projects assisted by the
two state-authorized town agencies," Supervisor Murray said.

Fred
Parola, Chief Executive Officer of both the IDA and the LDC, said the two
groups, guided by a board of distinguished business officials, provided
financial incentives to businesses and non-profit entities which made their
projects viable.

The
IDA oversaw 12 projects with a combined value of $284,000,000 in 2011.
The largest undertaking was Equity One Northeast which acquired the long vacant
former headquarters of the Avis Car Rental Company and has already attracted an
array of national retailers to its planned 330.000-square-foot development on
Old Country Road in Westbury. In addition to hundreds of construction
jobs involved in the build out of the project, which will feature retail shops,
restaurants and a bank, it will provide approximately 575 full and part time
jobs upon completion.

Another
IDA project, West Hempstead Development, is removing community blight while
providing needed market rate housing. With financial help from the
IDA, the company acquired the crime-ridden Courtesy Hotel, demolished it and is
building a 150-unit rental housing complex, a win-win for local residents.
The 192,000 square-foot building at 130 Hempstead Avenue, West Hempstead, will
provide parking on the first two floors and residential units above. More
than 200 jobs are required during construction and four full time positions
will be created when the facility is up and running.

The
Local Development Corporation, which deals exclusively with non-profit
organizations, sponsored four projects in 2011, including expansion and
improvement of facilities at Hofstra University in Hempstead and Adelphi
University in Garden City. Both educational institutions took advantage
of tax exempt bond financings which the LDC is empowered to
sanction.

Hofstra's
$70,000,000 program will renovate existing facilities, upgrade and add
additional equipment and refinance existing debt. The university expects
to create about 40 new jobs as a consequence of the building program.

Adelphi
has earmarked more than $24,000,000 to renovate, equip and furnish existing
buildings on campus and to build a four-story, 55,000-square-foot dormitory
building to house 171 students. Three full-time and four part-time
positions will be created.

"This surging development, in the face of a prolonged down economy,
demonstrates, once again, that the Town of Hempstead remains an excellent place
to grow a business," Parola said.